Annual Reports - RTÉ

ANNUAL REPORT & GROUP FINANCIAL STATEMENTS 2007
Group Balance Sheet
at 31 December 2006
Adjustments under IFRS
IFRS
adjustments Minor Derivative
Previous Discontinued at the Programme spare Intangible Employee financial Bad debt Deferred Liquid Group
Irish GAAP operation transition date inventories parts assets benefits instruments provision Tax investment Provisions Total
All figures in thousands (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix)
Assets
Non-current assets
Property, plant and equipment 90,123 (9,502) (574) (35) 80,012
Intangible assets - 2,491 855 3,346
Pension asset 13,872 13,872
Other receivables 1,589 1,589
105,584 (9,502) 1,917 - - 820 - - - - - - 98,819
Current assets
Inventories - 44,294 (2,898) 57 41,453
Trade and other receivables 67,522 (4,755) 10,471 (1,458) 103 71,883
Derivative financial instruments - 368 (288) 80
Liquid investments - 46,268 23,165 69,433
Cash and cash equivalents 81,346 (43) (46,268) (23,165) 11,870
148,868 (4,798) 55,133 (4,356) 57 - - (288) 103 - - - 194,719
Liabilities
Current liabilities
Trade and other payables (93,494) 1,523 13,828 2,281 546 3,948 (262) 643 (70,987)
Taxation and social welfare (10,681) 236 (10,445)
Derivative financial instruments - (11) (250) (261)
Employee benefits - (15,100) (3,461) (18,561)
Provisions - (4,771) (643) (5,414)
(104,175) 1,759 (6,054) 2,281 - 546 487 (512) - - - - (105,668)
Non-current liabilities
Provisions (21,326) 26,994 (5,668) -
Capital grants and grants-in-aid (12,541) 12,541 -
Employee benefits - (20,119) 4,790 (15,329)
Deferred tax liabilities - (11,081) (390) (11,471)
(33,867) 12,541 (4,206) - - - (878) - - (390) - - (26,800)
Net assets 116,410 - 46,790 (2,075) 57 1,366 (391) (800) 103 (390) - - 161,070
Reserves
Retained earnings (116,410) - (46,790) 2,075 (57) (1,366) 391 800 (103) 390 - - (161,070)
(116,410) - (46,790) 2,075 (57) (1,366) 391 800 (103) 390 - - (161,070)
(i) Recognition of programme inventories in accordance with IAS 2 Inventories. Under previous GAAP, expenditure on programmes was
expensed as incurred. Adjustments to prepayments and accruals were required as part of this transition.
(ii) Recognition of minor spare parts in accordance with IAS 2 Inventories. Under previous GAAP, expenditure on minor spare parts was
expensed as incurred.
(iii) Recognition of computer software as intangible assets under IAS 38 Intangible Assets. Under previous GAAP, expenditure on computer
software was either capitalised as a tangible fixed asset or expensed as incurred depending on its nature. An adjustment to accruals
was required as part of this transition.
(iv) Reclassification of employee related liabilities and adjustment to reflect the use of a corporate bond yield of approximate duration to
discount the restructuring provision in accordance with IAS 19 Employee Benefits. Previously, a cash rate had been used to discount
the provision.
(v) Adjustment to reflect the fair value movement of derivative financial instruments in accordance with IAS 39 Financial Instruments:
Recognition and Measurement and to adjust foreign payables to the spot rate in accordance with IAS 21 The effects of changes in foreign
currency rates.
(vi) Adjustment to the bad debt provision in accordance with IAS 39 Financial Instruments: Recognition and Measurement.
(vii) Recognition of deferred tax in accordance with IAS 12 Income Taxes. Deferred tax in respect of the defined benefit pension scheme has
been recognised in equity in accordance with IAS 19 Employee Benefits.
(viii) Reclassification of term deposits with a maturity date of greater than three months from the date of acquisition to liquid investments in
accordance with the definition of cash and cash equivalents in IAS 7 Cash Flow Statements.
(ix) Reclassification of certain liabilities in accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets.
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